Olive Oil Market Overview:
Olive oil is obtained from olives and is rich in healthy fatty acids. It is available in different types such as refined olive oil, olive pomace oil, virgin olive oil, pure olive oil, light olive oil, and extra virgin olive oil, among others. It is gluten-free, thereby making it a tasty and healthy alternative to conventional edible oils. Olive oil helps to treat stomach ulcers, stomach cancer, type 2 diabetes, osteoporosis, and rheumatoid arthritis. Besides, it is rich in antioxidants and oleic acid that help to reduce inflammation and lower the risk of heart diseases. It has a wide range of applications, including pharmaceutical, cosmetics, food, and other industries. Global Olive Oil Market Size is anticipated to be worth USD 16.31 billion By 2030, expanding at a CAGR of 8.10% from 2022 to 2030.
Numerous factors are adding to the global Olive Oil Market These factors, according to the recent Market Research Future report, include consumers changing dietary styles, increasing health consciousness, rising per capita consumption, increasing production of olive oil, increasing disposable income, strong economic growth, and rising awareness about the health benefits of using olive oil.
On the contrary, the availability of substitutes such as palm, coconut, and mustard oil and the high cost of olive oil may deter the global olive oil market growth.
Covid 19 Analysis:
The disruption created across the industry verticals and significant other industries due to prolonged lockdown are considered key restraining factors for the growth of the olive oil market. The disruption in trade activities and reduction in imports have affected the overall growth of the market. For instance, a recent report from the US census bureau reported that the import has decreased by 13% in the year 2020 compared to the previous years. However, the increased concerns related to immunity and overall health-related issues have created a huge impact on the growth of the olive oil market during the pandemic as well.
The Mediterranean countries exhibit a higher inclination towards home cooking and healthy dietary habits. Such factors have propelled the overall growth of the olive oil market during the pandemic. However, after the relaxation of the norms and regulations imposed by the government several market players had re-established the oil trade networks and thereby fuelled the overall growth of the olive oil market.
The Market Research Future report provides an all-inclusive segmental analysis of the global olive oil market based on type, category, and distribution channel.
By type, the global olive oil market size is segmented into refined, virgin, extra virgin, and others. Of these, the extra virgin olive oil will have the largest share in the market during the forecast period for its immense health benefits.
By category, the global olive oil is segmented into conventional and organic. Of these, the conventional segment will dominate the market during the forecast period of its ample availability. The organic segment, on the contrary, will grow at a higher CAGR for the increasing inclination of consumers toward organic olive oil.
By distribution channel, the global olive oil market is segmented into non-store-based and store-based. The store-based segment is again segmented into convenience stores, supermarkets and hypermarkets, and others. Of these, supermarkets and hypermarkets will lead the market during the forecast period of the widespread and strong network of stores. On the other hand, the non-store-based segment will grow at a higher CAGR for the increasing preference of consumers for online retailing and technological advances in the e-commerce industry.
By region, the global olive oil market report covers the latest trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Among these, Europe is likely to dominate the market during the forecast period for the huge olive production and consumption in the region. Italy, Portugal, and Spain are the leading best olive oil consumer reports in the region.
The global olive oil market in the APAC region is predicted to have rapid growth during the forecast period for the surging production as well as consumption of olive oil in this region.
The global olive oil market in North America will have significant growth during the forecast period for the rising preference of consumers for healthy food supplements, raising awareness about the various health benefits of olive oil, and the expanding food sector. The US, Canada, China, and India are the leading contributors to this region.
The global olive oil market in the RoW will have moderate growth during the forecast period for the increasing popularity of olive oil in the region.
Eminent players profiled in the global Key Olive Oil Market Players report include GALLO Worldwide and Lda. (Portugal), Jindal Retail India Pvt. Ltd. (India), Cargill, Incorporated (US), The Unilever Group (UK), Del Monte Pacific Limited (Singapore), DEOLEO S.A.(Spain), Sovena Group (Portugal), Grupo Ybarra Alimentation, SL (Spain), Borges Branded Foods SLU (Spain), and Salov S.p. An (Italy).
Feb 2020- Leading oral care brand Hello Products has launched a new lip balm that is completely vegan and made with olive oil and coconut oil to moisturize and soothe.
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